Kuwait says oil shipments to China stable

Kuwait says that even though China is importing more oil, its exports to the world’s second-largest economy were stable. File Photo by tcly/Shutterstock Aug. 25 (UPI) — Though overall Chinese imports of crude oil jumped more than 10 percent, OPEC-member Kuwait said its exports to the second-largest economy remained stable Kuwait is a member of the Organization of Petroleum Exporting Countries and helps steer a committee monitoring a multilateral effort to trim the global surplus of crude oil through managed production declines. Kuwait produced 2.7 million barrels of oil per day in July, putting it at the No. 5 spot behind the United Arab Emirates. The official Kuwait News Agency, known also as KUNA, said oil exports for the first seven months of the year averaged 321,000 barrels per day, unchanged from the previous year. Compared with last July, however, Kuwait exported 19.7 percent fewer barrels to China. Russia […]